Ryanair boss warns of 'full-blown crisis' as EasyJet slashes 700,000 more winter seats over soaring fuel costs

From the Newshound archive · first published 10 October 2026.

Michael O'Leary has warned every airline will be 'hurting' next year, predicting the fuel crisis will last until 2028 at the earliest. EasyJet is doubling down on winter cuts, removing a further 600,000 to 700,000 seats on top of the same number already axed, to avoid paying rocketing fuel prices. Ryanair's profits fell 34 per cent in its last quarter as the Iran war drives up costs and hammers consumer demand.

Jet fuel surged from around $100 per barrel to over $200 after the Strait of Hormuz blockade began in February, peaking above $1,500 in August.

EasyJet chief Kenton Jarvis said the industry had been caught off guard: 'I honestly think it's been quite a surprise that fuel has stayed as high as it is.'

Global airline body Iata has warned rising fuel costs will add an extra $100 billion to the sector's bill this year.